BRICS IS MAKING PREPARATIONS FOR A US DOLLAR COLLAPSE

According to a Russian IMF representative, BRICS is ready to offer an alternative to the US Dollar amid the currency’s collapse, and the bloc must prepare for such an instance.

The alliance, consisting of Russia; India, China; Brazil; South Africa; and supporting nations, has been working to abandon the US Dollar for some time.

The BRICS bloc is working to develop a new BRICS currency to replace the US dollar, alongside local currencies between nations.

In an interview with RIA Novosti published on Friday, Russian IMF rep Alexey Mozhin noted that the shortcomings of the current financial system are becoming more apparent.

Furthermore, he points out that many publications have started to mention BRICS as a group that will offer a successful alternative to the greenback.

“Such a proposal is being discussed,” the director told RIA Novosti. “In the event of the collapse of the dollar and the international monetary system, it will be necessary to turn the said BRICS accounting unit into a real currency, backed by exchange goods.”

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Stock market news today: Nasdaq futures lead losses as first Big Tech earnings fail to deliver

The Nasdaq led US stocks lower before the bell Wednesday, after disappointing Alphabet and Tesla earnings stirred up worries that Big Tech’s power to fuel gains is fading.

Futures on the tech-heavy Nasdaq 100 (NQ=F) sank almost 1%, while S&P 500 futures (ES=F) fell roughly 0.7%. Dow Jones Industrial Average futures (YM=F) retreated 0.4%, after a losing Tuesday for all three gauges.

Stocks are sinking as investors digest mixed quarterly earnings from Google parent Alphabet (GOOGL, GOOG) and Tesla (TSLA), the first of the “Magnificent 7” megacaps to report. Those results have set Wall Street wondering whether the dominant tech stocks behind this year’s rally now face sell-offs, amid questions about AI’s potential boost to their growth.

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@ Newshounds News™

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Warren Buffett Dumps $1.5 Billion Worth Bank of America Shares

Ace investor Warren Buffett’s investment arm Berkshire Hathaway has dumped $1.5 billion worth of Bank of America (BAC) shares. The recent regulatory filings show that the billionaire offloaded 33.9 million Bank of America shares. The BAC stocks were sold at an average price of $43.56 per share. After the sale from Berkshire Hathaway, BAC stocks fell to $42.30 with a decline of 1.40%.

The reduction is significant and has come as a surprise to the US stock market. Warren Buffett is known to hold stocks for the long term and not offload them mid-way. However, despite the sell-off, Warren Buffett is still the second-biggest holder of Bank of America stocks. Berkshire Hathaway holds a 10.8% stake in BAC after falling from the top position to the second due to the sell-off

@ Newshounds News™

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IS TRUMP RIGHT TO WORRY THAT CHINA COULD TAKE OVER CRYPTO?

Does China regret banning Bitcoin mining in 2021? Could it opt back in? Can a single nation even control decentralized assets like BTC?

It’s only recently that Donald Trump has paid any attention to crypto. But now he wants to be the “crypto president,” and he’s raising digital assets as a geopolitical issue.

Asked on July 16 why he’s suddenly embracing the crypto community, he told Bloomberg:

“If we don’t do it, China is going to pick it up and China’s going to have it—or somebody else, but most likely China.”

In the interview, Trump explained how the recent experience with his “Mugshot” NFT Collection “opened my eyes” to cryptocurrencies, saying, “80% of the money [from the NFT sale] was paid in crypto. It was incredible.”
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